Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Up – Here’s Why

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) gapped up prior to trading on Friday . The stock had previously closed at $17.69, but opened at $18.18. Spyre Therapeutics shares last traded at $17.44, with a volume of 14,384 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SYRE. Wedbush reissued an “outperform” rating and set a $65.00 price target on shares of Spyre Therapeutics in a research note on Monday, January 13th. The Goldman Sachs Group raised Spyre Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 18th. Finally, Wolfe Research began coverage on shares of Spyre Therapeutics in a research note on Tuesday, March 18th. They set an “outperform” rating and a $27.00 price objective for the company. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $50.33.

Spyre Therapeutics Trading Up 1.9 %

The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of -2.42 and a beta of 2.98. The firm has a 50 day moving average price of $20.60 and a two-hundred day moving average price of $25.67.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.81) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.08. As a group, research analysts forecast that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Institutional Trading of Spyre Therapeutics

Several large investors have recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. acquired a new position in shares of Spyre Therapeutics during the fourth quarter worth about $29,000. Huntington National Bank purchased a new position in Spyre Therapeutics in the 4th quarter worth approximately $34,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Spyre Therapeutics in the fourth quarter valued at approximately $46,000. Quest Partners LLC raised its stake in shares of Spyre Therapeutics by 271.2% during the third quarter. Quest Partners LLC now owns 5,654 shares of the company’s stock valued at $166,000 after purchasing an additional 4,131 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Spyre Therapeutics during the fourth quarter worth $182,000. 80.39% of the stock is currently owned by institutional investors and hedge funds.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc, a preclinical stage biotechnology company, focuses on developing therapeutics for patients living with inflammatory bowel disease (IBD). It develops SPY001, a human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4ß7 integrin being developed for the treatment of IBD (ulcerative colitis and Crohn's disease).